Posted by marianchapman on November 11, 2010 under Marketing, SME News | 
Why would I want to own it?
A feature is:
• Physical size
• A 75 horsepower motor
• A new type of mattress
A benefit is
• Small enough to fit in your jacket pocket
• A mower that takes the work out of gardening
• A restful night’s sleep
Features are generally easy to describe but benefits can be trickier because they are often intangible.
Emotional appeal
The most persuasive benefits are those that provide emotional or financial rewards. So, it is not the brighter smile that the toothpaste offers that is its benefit; it is what the smile might bring you (friends, a better job).
Emotional Location First Clover Leaf Bank rewards can cover the whole spectrum of emotions but basically allow the buyer to feel better in some way. For example, sending flowers to a friend or family member allows the buyer to express love. Buying products made from recycled materials offers the buyer the chance to be environmentally responsible.
Financial appeal
Products that deliver financial rewards allow the buyer to:
• Save money (a discount for multiple purchase)
• Make money (accounting software for managing a home-based business)
• Gain convenience and time (microwaveable meals).
In your customer’s shoes
To identify your product’s benefits, you need to consider the customer’s viewpoint. One way of achieving this is to talk to or survey them asking them to tell you why they like your product.
Purchasers might see benefits in the product that you had not considered – alternatively they may not be seeing the benefit that you had designed it for.
Look at the customers who have purchased your product in the past. What does that customer profile tell you about your product’s benefits? If you don’t have that information you might set up a few systems to develop and track the following information:
• Ask customers for suggestions for improvement
• Pay attention to customer complaints and prospect inquiries
• Listen to what your customers say
• Train and reward employees for listening to customers and prospects
• Watch your competitors. Do the changes in their product offerings suggest desired product benefits?
Analyse and learn from this input and you will able to list your product or service’s benefits and know exactly what is in it for your customers.
This will start you off in the right way towards creating marketing messages that people want to read…and act upon.
Next month we will continue to study the creation of effective marketing messages.
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Posted by martinparry on October 5, 2010 under Business Planning, Marketing, Sales, SME News, Start Ups, Strategic Planning |
20 Years of marketing management in such corporate giants as Rover Group, AT&T and ntl: taught me little about the marketing and development needs of SMEs. The objectives and imperatives of such companies are light years away from the focus and immediacy displayed by small companies who rarely have a clear view of their objectives and strategies preferring to move forward on a day to day basis. This lack of clarity and simplicity however was not totally new to me. Before my marketing career among the corporate giants I had owned and managed business within the Travel, Leisure and Computer Services sectors and was very aware for the need to generate profitable sales at minimum investment in cash and time based on clear and simple objectives.
The size of business and market sector however has little impact on the essential truths of business marketing. All need to deliver the right products competitively but profitably priced; backed up by effective promotion and communication and supported by everyone in the business to deliver the best possible customer service and positive messages. It is therefore vital to remember that marketing is not the responsibility of a single part of the business tasked with generating enquiries. Marketing, like quality, is the responsibility of everyone. There is no point in investing thousands of pounds in websites, brochures and advertising if the installation engineers are scruffy and unhelpful!
This holistic marketing approach is reflected in a number of projects on which I have worked. The first example is a business that imported and distributed electric and woodworking tools to hobby modellers. Distributing via a team of sales agents to the retail industry my client had a respectable and profitable turnover of circa £3m. Family owned, the problem was that the business was not thriving. It hadn’t grown in years and chairman dad wanted to retire and was pressuring CEO son to deliver the growth that would enable him to do so.
The whole business was flabby! Dispatch from the warehouse was slow; sales unremarkable; too many customers buying too little. The company lacked direction, strategy and meaningful targets. Working with the board we undertook a complete review of the business resulting in a re-organisation of the sales team; a sharp knife taken to the retail customers cutting out those who failed to reach sales targets, focussing on those willing to respond positively to a new retail incentive scheme. As far as delivery was concerned, we invested in the distribution centre reducing average dispatch from 5 days to 1 thus allowing us to improve customer service; speed invoicing and improve cash flow by cutting stock and debtor days. All this activity was underpinned the identification of management criteria and reporting available at management meetings and ensured that senior management took responsibility for their delivery.
As a result sales revenue grew; profitability improved and morale throughout business recovered rapidly. Since the completion of this project the business has been successfully sold for a good sum; dad has retired and son is a senior director of the new expanded business.
A second project involved a larger business, circa £10m revenue working in motor components. They manufactured suspension systems for manufacturers like GM, Land Rover and Scania. Their problem was simply despite having a number of successful product lines they had identified a product gap during 2011 – 2012 and wanted to develop a product to fill it. The excellent management team had discussed this on several occasions but had failed to agree. And it is true to say that my suggestion to ask the staff was met with a degree of scepticism. However I was given a team made up of machine operators and junior supervisors and we set to work.
Our task was to make new product recommendations that would make maximum use of existing skills and resources within the company. Three days was spent brainstorming the project and undertaking detailed SWOT and PEST examinations of each idea put forward. After hard work from all involved I was given 10 product ideas to put to the leadership team. Of these, three were adopted by the business for initial development and my team were asked to be heavily involved in programmes that ultimately delivered two new and profitable products for the business.
My purpose in selecting these two case studies for discussion was simply to demonstrate the truism that marketing is not websites, brochures or social networking. Marketing works at a strategic level within businesses to deliver high quality, profitable products and services by a trained and motivated team of people led by those who have a clear commitment to the company’s objectives. Lack of sales is often blamed on the web site or the sales manager. As advisors and consultants we should be prepared to look much deeper than that!
Sc: martin.parry@mgba.co.uk
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Posted by John Alves on September 28, 2010 under Business Planning, HR, Legal, Operations, SME News, Strategic Planning |
The future of many small businesses is in jeopardy because their managers are failing to adopt basic business practices, according to recent research.
The survey, which was conducted by Simply Business, found widespread evidence of inadequate financial management, an absence of basic business planning coupled with uninformed decision-making and totally inadequate employment policies.
29% of SME bosses admit to keeping inadequate checks on their company finances due to competing pressures on their time but the picture is likely to be worse than this, with detailed balance sheets and profit and loss forecasts only being reviewed every 18 weeks, on average. In addition, managers are failing to perform basic due diligence on customers and suppliers; 65% don’t credit check new customers, whilst 76% don’t check existing customers requesting to extend their credit terms. 30% have no formal contract at all with their business customers.
The research shows that business planning is also lacking; 54% of the businesses surveyed have no written business plan, and 68% have no detailed plans for coping with unforseen changes in the operating environment. When it comes to decision-making, 68% of those questioned say they rely primarily on gut instinct; only 56% perform any first hand market research, whilst a mere 54% consult the company accounts to inform their decision.
Finally, the survey shows that inadequate employment practises are leaving millions of SMEs exposed to the risk of costly legal action. 21% have no formal contracts for their permanent employees and 79% have no dedicated person to handle HR operations. This is reflected in the fact that 40% of firms have no formal, written HR policy while 46% have no formal health and safety policy.
Jason Stockwood, CEO of SimplyBusiness.co.uk, commented:
“Limited time and resources are characteristic of growing businesses, and the recession will have stretched UK entrepreneurs further than ever before – understandably, Location Cass Commercial Bank many have become so focused on working in the business, that their time working on the business may have suffered as a result.
“Those entrepreneurs left standing have successfully managed their firms through the credit crisis, but can not now afford to expose their companies to easily avoidable risk.”
Source: Mike Symes
www.smebusinessnews.co.uk
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Posted by stephencowburn on September 27, 2010 under SME News, Training |
The Sunday Times (26th Sept. 2010 Bottler David knows his final chance for the crown has gone) asked whether David Miliband had the killer instinct and courage a leader needs, suggesting that there were three occasions when he might have gone for the leadership [of the Labour Party] but didn’t. In his memoirs, Blair said of Miliband that “he seemed hesitant, and uncertain whether he wanted it” [the leadership].
MD’s might reflect on whether they wanted something enough in the past and let an opportunity (or three) go by. Or took an opportunity and it was at best a powerful piece of learning.
What sort of support might an MD find to assess an opportunity and not let it go by?
Mentors are one such source of support. A mentor has been through similar situations and can bring his/her experience to bear. How does this fit with the business plan? What are the opportunities? What are the risks? What would be the impact on cash flow? Sales? Suppliers? These are all essentially rational questions. The mentor can be the sounding board as the MD examines the logic, weighing in as devil’s advocate if the thinking becomes flawed.
Coaching is a different source of support, which through different questions, taps into motivations to enable the MD to seek clarity on what the opportunity means to them as a person. What will this opportunity mean for you? How does it fit into your personal plan? What if you don’t do it? What is stopping you? The emphasis is on learning and understanding to face cialis onlineopportunities in the future more “instinctively and courageously.”
It’s not a question of either/or, but a very high profile example of the need for objective support, without an axe to grind, to assess whether the opportunity is right for both the business and the MD.
Stephen Cowburn
stephen.cowburn@ukba.co.uk
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Posted by martinparry on June 23, 2010 under Business Planning, HR, SME News |
The coming months are set to be a crucial time for the education and training landscape. As the new government finds its feet, the initial signs are very encouraging and indicate a continuing commitment to the value of apprenticeships in the workplace.
In May the CBI/EDI Education and Skills Survey was published which asked over 600 UK employers to give their priorities for the new government. Ensuring young people are equipped with the employability skills they need to succeed in the workplace was top of the wish list for 70% of those polled. The survey also showed continuing enthusiasm among employers for providing apprenticeships, with 54% currently offering them and another 14% hoping to get involved in the coming months. Despite all the upheaval of the past 18 months, employers still know a good thing when they see it.
Under current economic conditions, employers need to ensure they have a steady stream of skilled employees to help them meet the demands of their customers; apprenticeships can play a vital role in sustaining this flow. Investment in apprenticeships not only increases the skills base of a company, it has a direct impact on the bottom line. According to statistics published by the National Apprenticeship Service (NAS), 80% of apprentice employers said they noticed a significant increase in productivity when employing apprentices.
EDI works in partnership with employers, further education colleges and private training providers to award a wide range of vocational qualifications, including apprenticeships. We’re committed to maintaining the highest standards for these vocational qualifications to ensure they offer a robust alternative to more traditional academic routes.
This year we’re once again sponsoring the Apprentice of the Year category at the National Apprenticeship Awards, our way of celebrating the valuable contribution of apprentices from across the country and the commitment of the organisations that employ them.
With over 190 different apprenticeship programmes now available, there is scope for employers of all types and size to get involved. As well as programmes in the traditional trades of carpentry and plumbing, apprenticeships are now offered in new areas such as creative and cultural, information technology and retail.
In terms of the training apprentices receive, I would argue that the mixture of practical experience and theoretical knowledge required by all apprentices to complete their qualification is exactly what modern businesses need in order to meet the challenges of tomorrow. While it is important to learn the theory of something it is also essential that this learning can be applied practically. We are in danger of restricting the potential of those who learn better in a more practical setting. Apprenticeships are not the easy way out for people with poor academic records. They are challenging programmes that present a different route to success for individuals looking to reach their potential in the world of work.
I would challenge the 32% of employers we surveyed who don’t yet have an apprentice on board, or aren’t yet contemplating hiring one, to find out what they’re missing. And I can vouch for the benefits; EDI has three apprentices and is currently recruiting more.
If you want to learn more about hiring an apprentice for your business go to www.apprenticeships.org.uk.
Sc: Chris Bolton, Director of External Relations, EDI
Sc: www.ediplc.com/news www.ukba.co.uk
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Posted by martinparry on June 20, 2010 under Business Planning, Finance, SME News, Start Ups |
New businesses set up by graduate entrepreneurs are giving the economy a significant boost, it has been claimed.
The statement came from the National Council for Graduate Entrepreneurship (NCGE) which has just published the results of a study into the impact of its graduate programmes.
The organisation, which was set up six years ago, currently supports 3,550 graduate businesses, works with 90 universities cialis on lineand has received £2.25m in funding from organisations such as Barclays, Microsoft and HSBC.
“Over 80% of new, growth companies are set up by graduates,” said Ian Robertson, chief executive of NCGE.
“At this critical time for our economy we need to improve the environment for wealth creation and build a closer, more productive relationship between business and universities.”
Jonathan Lloyd started Falling Pixel while studying at Portsmouth University in 2006 and has taken part in the NCGE’s Flying Start programme. His turnover has doubled year-on-year since launch and he’s predicting the same growth for the year ahead.
Lloyd received a £1,000 grant and visited the USA as part of a fellowship programme where he met with Google’s chief executive Eric Schmidt.
He said: “I first found out about NCGE’s Flying Start Programme when I went along to a rally they were organising in Reading. There I got some fantastic start-up advice and help on developing a business plan to help get me going.”
For more information on the NCGE visit www.ngce.com
Sc: www.startups.co.uk www.ukba.co.uk
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Posted by martinparry on June 16, 2010 under Business Planning, Fleet Vehicles, SME News |
Paul Barker writing in Business Car warns that fleets are increasingly concerned about the viability of electric vehicles, with three-quarters of large businesses worried about the number of recharging points, according to research from leasing and fuel management expert Arval.
Arval head of market analysis and BusinessCar blogger Mike Waters said the industry is uncomfortable with the lack of clear direction from the Government. “The market is asking for clarity in terms of the coalition position in this crucial area both now and over the longer term,” said Waters. “There are potentially worrying parallels to the LPG debate in the 1990s; there was a lot of positive noise made about the technology, but no infrastructure was ever fully supported in the UK, unlike in Europe.”
Among larger fleets, only 30% of those surveyed had plans to add EVs, compared with 61% opting for hybrids, and for SME operations only 12% are considering EVs compared with 26% looking at hybrids.
More information: http://www.businesscar.co.uk/story.asp?sectioncode=7&storycode=6148&c=2&theme=0
Sc: http://www.businesscar.co.uk
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Posted by martinparry on June 15, 2010 under Banks, Business Planning, Finance, Loans, SME News, Tax |
| Indicator |
Value |
Change on week |
Change on month |
Change on year |
|
|
|
|
|
| FTSE 100 |
5103.44 |
+ 11.37 |
- 283.96 |
+ 664.84 |
| £ against US |
1.44 |
0.01 |
- 0.08 |
- 0.15 |
| £ against € |
1.20 |
+ 0.03 |
+ 0.03 |
+ 0.06 |
| UK inflation |
3.7% |
none |
+ 0.3% |
+ 1.4% |
| UK interest rates |
0.5% |
none |
Location West Coast Bank width=”22%”>none |
none |
* Figures are as at midday on 7 June 2010
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Posted by martinparry on June 13, 2010 under Business Planning, Marketing, Sales, SME News, Social Networking |
| Social networking is not a new phenomenon. It has been used as a business marketing tool to develop tighter customer relationships and spread brand awareness but it also has the ability to directly impact on a company’s profits. In June of last year Dell announced $3 million in revenue from using Twitter. This success was not immediate and 18 months after launching on twitter the revenue stood at $1 million. Once their following was established the revenue continued to build more quickly. It is not only large companies that are using this medium successfully. Many smaller businesses have found great success marketing in this environment where the main investment is that of time rather than cash.There are now so many websites that give you the option to become a Fan of their Facebook page. So how could this work for you? The way these tools are used is going to vary massively by your business area and the clients you work with. The key to success seems to be providing value and interest to the clients you interact with. Offering exclusive discounts, valuable information, details of up coming events, photos, videos etc. Links to these sites can be promoted on email footers, in store, on websites or business cards. |
|
| Many companies are now using Facebook, Twitter, My Space, You Tube or other business focused websites such as Linked In as marketing tools. Do you know if your competitors are marketing in this way already? Do your clients use social networking as part of their marketing approach? In today’s business world there are relatively few opportunities for free marketing. Social networking sites are an area where this opportunity still currently exists and where some companies have found great success. It could be well worth investigating!Sc: www.wallacestein.co.uk
Sc: www.ukba.co.uk |
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Posted by martinparry on under Business Planning, Finance, SME News, Start Ups, Tax |
The Government has hinted that it may be about to climb down over its proposed increase to Capital Gains Tax (CGT) from 18% to 40%. Work and Pensions Secretary Iain Duncan Smith told the BBC that no definite plan had been decided. He said Chancellor George Osborne had discussed exemptions so as not to “harm entrepreneurs”. Deputy Prime Minister Nick Clegg added a few days later that homeowners may be protected by exempting Location Wayne Savings Community Bank financial gains made as a result of inflation. To read more on this story go to: http://news.bbc.co.uk/1/hi/uk_politics/8713538.stm and: http://www.dailymail.co.uk/news/article-1283427/Clegg-hints-capital-gains-tax-climbdown-insists-options-discussed.html?ito=feeds-newsxml
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Posted by martinparry on June 11, 2010 under Business Planning, Operations, SME News |
Business Secretary Vince Cable has announced he will review the Location Freedom Bank Of America “deluge of new regulations” that is stifling UK enterprises. Mr Cable said he would examine a range of regulations, brought in by the previous Government, including the Agency Workers’ Directive and the right for fathers to claim up to six months of the mother’s maternity leave. Mr Cable also announced he would set up the Reducing Regulation Committee, which will be dedicated to enforcing a new approach to bringing in laws and regulations.
To read more on this story go to: http://nds.coi.gov.uk/content/detail.aspx?NewsAreaId=2&ReleaseID=413620&SubjectId=2
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Posted by martinparry on June 10, 2010 under Banks, Business Planning, Finance, SME News, Tax |
levy on banks may raise the cost of borrowing for some consumers. The levy on the banks may ultimately be paid for by the borrowers. There is also potential for an impact on inflation in the short term. On a global scale, the G20 want a blueprint for changes to global banking rules by the end of this year although implementation may be delayed. Rules surrounding capital and liquidity may be an alternative to a banking tax but plans for banks to have increased cash reserves by 2012 could lead to further bank lending cuts as the banks would need to raise fresh capital in a short amount of time. From our personal experience small businesses are currently finding it pretty tough to obtain the funds they need from banks. Hopefully a solution will be found that will avoid theneed for an additional tightening on lending and the consumer ultimately paying the price.
Sc: www.wallacestein.com
Sc: www.ukba.co.uk
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Posted by martinparry on under SME News, Start Ups |
The Federation of Small Businesses (FSB) has called for greater communication between local authorities and small businesses, claiming that small firms need a stronger voice with their councils. FSB Welsh policy chairwoman Janet Jones said the FSB believes councils could improve their relationships with the local business community.
To read more on this story go to: http://www.fsb.org.uk/data/news.asp?loc=wales&rec=6313
sc: www.ukba.co.uk
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Posted by martinparry on June 9, 2010 under Sales, SME News |
UK retailers could see sales soar because of the World Cup, according to a report by shopping comparison website Kelkoo. The report, which was commissioned by the Centre for Retail Research, suggests that the biggest rise in spending would be on food and drink, followed by TV and electricals and then sportswear. Online spending is also set to increase, according to the report.
For more on this story go to:
http://www.kelkoo.co.uk/co_17494-kelkoo-press-release-
world-cup-to-give-uk-retailers-a-billion-pound-boost.html Location First Federal Bank Of The Midwest
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Posted by martinparry on June 1, 2010 under Banks, Business Planning, Finance, Marketing, Operations, Sales, SME News, Tax |
Two pieces of good news for business at last. Firstly, UK gross domestic product (GDP) has been revised upwards for the first quarter of 2010, according to the latest figures from the Office for National Statistics (ONS). The economy grew by 0.3% compared to the previous quarter, which has been revised upwards from the original estimate of 0.2%. The growth in the economy has been driven by the manufacturing industry. High industrial output boosted the economic growth, but some economists warn that Government spending cuts and the eurozone debt crisis could affect sustained growth.
Secondly, the level of business investment in the UK rose by 6% during the first quarter of 2010 compared to the previous quarter, according to figures from ONS. However, the level of business investment is still 11% lower compared to the same period a year ago. The rise in business investment is due to increased capital spending by private sector, non-manufacturing industries.
To read more on this story go to:
http://www.statistics.gov
http://www.statistics.gov.uk/pdfdir/oie0510.pdf
http://www.independent.co.uk/news/business/news/
manufacturing-pushes-up-economic-growth-1982837.html
compiled by www.ukba.co.uk www.mgba.co.uk
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Posted by martinparry on May 26, 2010 under Business Planning, Finance, Grants, Loans, Resources, SME News, Start Ups, Strategic Planning |
According to an article in Regen.net The Treasury has announced that England’s regional development agencies will have to save £270 million in the current financial year through “ending lower value spending”.
Setting out how the coalition government intends to save £6.2 billion in 2010/11, chief secretary to the Treasury David Laws said that RDAs will “have to cut back on spending which has the lowest economic impact”.
A document published by the Treasury following the announcement said that the budget for the RDAs would have to provide £270 million of savings in 2010/11 “from ending lower value spending”.
Laws said: “Tough decisions are being made … Quangos across government will have to make major savings in their budgets.”
A spokeswoman for the Department for Business, Innovation and Skills said that no decisions had been made yet on how the cuts would be spread across England’s nine RDAs.
But speaking in Warrington last week, new business secretary Vince Cable picked out the South-East England Development Agency (Seeda) and the East of England Development Agency (Eeda) as examples of RDAs whose existence is hard to justify.
Cable was quoted by the Financial Times as saying: “It is very difficult to see the justification for RDAs in the South-East and East, prosperous regions with a large private sector.
“There are areas like the North-West, Yorkshire and the West Midlands, where there are really serious structural problems and there seems to be a broad agreement with local businesses that the RDAs are doing a good job.”
Sc: www.regen.net Sc: www.ukba.co.uk
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Posted by martinparry on May 18, 2010 under Business Planning, SME News |
According to Cobweb, The new coalition government has wasted no time in announcing its plans for the next parliament. But what proposals will be put forward to help, or even hinder, businesses when the Queen officially opens parliament on 25 May? And how successfully will the coalition parties be able to work together for the benefit of the economy? Click here to get the views of Cobweb News .
http://www.cobwebinfo.com/site/article_detail/item13747/?link_466=13747
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Posted by martinparry on under Banks, Business Planning, Finance, Grants, Loans, SME News |
Do you or your clients need funding for their business? Business Link West Midlands “Finance for Business Consultancy” grants are now available to help with applications for the following activities (a) Work on grant applications such as GBI or GRD (b) Assistance with the development of a business plan as part of a fund raising project. (c) Charges levied by business finance consultancies in support of their work on fund raising projects. The average contribution to consultancy fees £2,500 ex vat (50% of project cost). If you would like to know more email martin.parry@mgba.co.uk
Sc: www.mgba.co.uk www.ukba.co.uk
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Posted by martinparry on May 17, 2010 under Banks, Business Planning, Finance, Loans, SME News |
According to Midlands Business Insider, a key indicator of the strength of the regional economy has revealed that the number of businesses insolvencies in the Midlands has dropped. Nottingham-based research company Experian’s latest insolvency index shows a year-on-year fall in the number of businesses going under in April. The East Midlands was the UK region showing most improvement, with an insolvency rate of 0.11 per cent in April 2010 compared to 0.15 per cent in April 2009. Some 116 companies went under in the East Midlands in April compared to 166 the previous year. In the West Midlands there were 194 insolvencies in April compared to 253 12 months earlier. But Rolf Hickmann, managing director of pH, an Experian company, warned that it continues to be vital for businesses to understand the circumstances of those they are doing business with and the risks to which they could expose their company. “It is easier for the smallest businesses, with just one or two employees, to make adjustments to their operations and pull in the reins when times are challenging. For the largest business, there is the flexibility that comes with economies of scale. Mid-sized businesses do not typically have the luxury of either of these benefits,” he said.
Sc: Midlands Business Insider and http://www.ukba.co.uk
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Posted by martinparry on May 12, 2010 under Business Planning, SME News, Strategic Planning |
Last month EnterQuest carried out its latest subscriber survey of small business owners to identify the issues that are causing the most concern in the year ahead, irrespective of which party will form a new government. We also asked for views about business owners’ own abilities and weaknesses, where they might require support, and who they preferred to turn to for help and advice.
Survey participants were mainly service-based enterprises with between one and nine employees in a wide range of sectors and professions ranging from design, consultancy, tourism, cleaning, training, crafts, security, advertising, childcare, IT, complementary therapy, catering and retail.
The headline results reveal that business owners are most concerned about tax, business rates, red tape and business costs – with 80% of respondents saying they were quite concerned or very concerned about each of those particular issues. Respondents were least concerned about finding skilled/qualified staff and IT/technology issues. The weakest reported skill was in sales and marketing, with one in three business owners saying they were quite weak or very weak in this area.
For more details about this survey, click here
Sc: Cobweb Infornation for Business Sc: www.ukba.co.uk
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